Is it legal for the bank to force you to hire an insurance to grant a mortgage?

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Teresa Sanchez VicenteSEGUIR Updated: Save Send news by mail electrónicoTu name *

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The banking continues to impose the procurement of products linked to grant a credit after the approval of the Mortgage Law. Thus, in 59% of cases, the subscription of the insurance was a necessary condition in order to formalize the granting of the loan as . The proportion increases to 74% when it comes to mortgage lending and lower to 53% in the case of consumer loans. Penalty to 39% of the respondents says that recruitment policy was not a requirement imposed by the bank. This are some of the conclusions drawn from the Study on the recruitment of insurance linked to mortgages and loans made by the General Council of Colleges of Mediators, through its School of Business, MINTS, and the market research firm GAD3.

During the presentation, the president of the School of Business School of Insurance, MINTS, Javier Barbera revealed that six years after their first study on this situation have proven that “the situation will be maintained and even link new insurance classes that have little or nothing to do with the credit, how to auto policies . For a long time the mediators we have detected abusive commercial practices and illegal in the sale of insurance on the part of the bench that go against the freedom of the customers and the competition, taking advantage of its dominant position”.

this problem is compounded by the fact that customers barely have room for comparisons as 60% of the respondents visited only two to four banks before making a decision and in two of every three cases (66%), the banks are not informed of the existing possibility of procurement of such insurance in another insurance company. With respect to the type of products marketed next to these loans, the survey of insurance intermediaries highlights of life (72%), followed by the home (59%) , and the increasing weight of the cars, which already stood at 20%.

Policies are more expensive

At the time of shelling the conclusions, the participants stressed the importance of the consumer to know their rights and reminded that the law only obliges us to contract insurance against damage resulting from a fire in the event that a home has a mortgage. But, the client has the freedom to choose another insurance company without the imposed by the financial institution. “Banking is a channel of selling insurance is perfectly legal, what we ask is that the rules of the game are equal for everyone,” adds Barbera.

The consumer should also know that the amount to pay for the insurance premium will usually be higher if you hire it directly with the bank. On the basis of the data of the mediators, the average premium of a policy contracted on an entity is a 79% higher than that of the insurers and, in addition, in many cases, offer some coverage above the real needs of whoever hires them. “If the user does so via a bank product, surely, it will be more expensive, keep longer, and in addition, will not be adjusted perfectly to the needs of the customer with the coverage that we have offered,” warns Barbera.

on the other hand, some banks are still bonificando customers with discounts on interest rates if they purchase tied products, a practice that is allowed, as long as it is not mandatory. Also, since some companies may require that you subscribe to a life insurance to guarantee the fulfillment of obligations of the loan, even though the standard allows that you sign with another company that is different.

Requirements to receive aid

Also, during the pandemic, from the General Council of Colleges of Mediators have been detected in other practices “abusive” as the offering of policies to customers who have asked for credits ICO linked to aid to alleviate the effects of the crisis caused by the coronavirus”. “Certain entities suggest, if not require, the hiring of a security to grant such aid,” said Barbera during the press conference.

On the same line, the president of Asufin (Association of finance Users), Patricia Suarez, it moved to ABC that some users were required to have the subscription of bank accounts as a condition for access to loans for the lease during the state of alarm. “Some companies have required applicants to open an account as a requirement to receive the help of the ICO. To make matters worse, there are people that the account has been opened and that after it has been without the loan,” explained Suarez.